The present invention relates to a system and method for instantly evaluating and authorizing on-line loan applications. More specifically, the present invention relates to a system for accepting on-line loan applications, processing the applications automatically, and generating loan offers based on the loan application and credit worthiness and conditioned on verification.
Traditionally, financial products, such as loans, have been marketed largely through financial institutions' literature and agents. The financial service provider relies on the agents for a large number of tasks, including acquiring demographic information, verifying the accuracy of the information, evaluating the information, and offering to sell products to the customer.
Technology has changed the landscape of the financial services industry such that agents play an increasingly shrinking role in marketing the financial products to consumers. As the Internet has grown in popularity, consumers shop for financial services over the Internet without the aid of an agent. ATM machines and other electronic devices that interact with existing financial institutions also provide opportunities for marketing financial services. For example, ATM machines offer loan services to customers at the time of deposit or withdrawal of cash. ATM customers can click a button, prompting an agent to contact the customer at a later time.
A growing number of online companies also provide loan services; however, these online companies currently fall short of fully automating the loan process. In the case of financial institutions, consumers can apply for loans or other financial services online; however, the loan approval process still requires the involvement of an agent. Third party providers of financial services can provide a list of available financial services based on criteria provided by the consumer, but the consumer must still contact the financial services agency directly or await a contact by an agent of the financial services agency.